News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • #USD, #GBP, #EUR Volatility Ahead of Cross-Continental Geopolitical Risks 🌎
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in NZD/USD are at opposite extremes with 71.15%. See the summary chart below and full details and charts on DailyFX:
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.38% 🇬🇧GBP: 0.33% 🇨🇦CAD: 0.25% 🇯🇵JPY: 0.25% 🇨🇭CHF: 0.19% 🇳🇿NZD: 0.19% View the performance of all markets via
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: 0.10% Wall Street: 0.02% France 40: -0.33% Germany 30: -0.36% FTSE 100: -0.63% View the performance of all markets via
  • The #AustralianDollar may continue to outperform its haven-associated counterparts after breaking above key chart resistance. $AUDUSD, $AUDJPY, $AUDCHF levels to watch. $AUD
  • HSBC share price tumbled 3.2% after Chinese media agency Global Times reported that Beijing is considering putting HSBC into its Unreliable Entity List (UEL). Hang Seng Index fell 0.7% in early Asia trading hours.
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here:
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.53% Oil - US Crude: 0.35% Gold: 0.17% View the performance of all markets via
  • The two-day closure of the Japanese markets suggests that liquidity in both equity and forex could be thin, rendering #USDJPY and #Nikkei225 futures susceptible to large swings, should there be surprising news. Read more here:
Bitcoin Price Outlook: Will Support At $10,000 Stifle BTC/USD Sellers?

Bitcoin Price Outlook: Will Support At $10,000 Stifle BTC/USD Sellers?

2020-09-09 01:00:00
Daniel Moss, Analyst

Bitcoin, BTC/USD, US-China Tensions, Average Inflation Targeting, Cryptocurrencies – Talking Points:

  • Extraordinary fiscal and monetary stimulus measures have served to underpin anti-fiat assets.
  • Bitcoin’s recent 26% retreat from the yearly high may prove to be a short-term pullback if key chart support holds.
  • Topside Symmetrical Triangle break hints at further gains for BTC/USD.

The provision of extraordinary fiscal and monetary stimulus measures in response to the novel coronavirus pandemic has served to underpin anti-fiat assets, with the price of Bitcoin surging over 212% from the yearly low (4000) to fall just shy of key resistance at the 2019 high (13764).

However, a resurgence of risk-aversion in recent days, on the back of escalating US-China tensions and worrisome vaccine news, has notably weighed on the popular cryptocurrency and ignited a rather significant retreat from its highest levels since July 2019 (12490).

AstraZeneca, one of the frontrunners in the race to find an effective Covid-19 vaccine, suspended “Phase 3” trials temporarily after a “standard review process triggered a pause to vaccination to allow review of safety data”.

Nevertheless, with the Federal Reserve’s adoption of average inflation targeting (AIT) and Congress continuing to mull the provision of an additional fiscal stimulus package to build “on what worked in the CARES Act”, the fundamental backdrop driving the price of Bitcoin higher looks set to endure.

To that end, the recent 26% decline from the yearly high could prove to be nothing more than a short-term pullback, with psychological support at the $10,000 level potentially providing a platform for price to resume its primary uptrend.

Trading Forex News: The Strategy
Trading Forex News: The Strategy
Recommended by Daniel Moss
Trading Forex News: The Strategy
Get My Guide

Bitcoin (BTC/USD) Weekly Chart – Symmetrical Triangle Break Could Invigorate Bulls

Bitcoin Price Outlook: Will Support At $10,000 Stifle BTC/USD Sellers?

Bitcoin (BTC/USD) weekly chart created using TradingView

From a technical perspective, Bitcoin’s 4-week pullback from the yearly high set in mid-August (12490) may have validated the topside break of the Symmetrical Triangle pattern carved out over the last three years, if key support at the February high weekly close (9926.8) remains intact.

Although the RSI has markedly dipped lower in recent weeks it has continued to travel above its neutral midpoint, which could be indicative of fading bearish momentum and possibly encourage would-be buyers if price closes the week above the psychologically pivotal $10,000 level.

However, a bearish cross-over on the MACD indicator could inspire selling pressure if BTC collapses back below confluent support at the 2017 downtrend and February HWC (9926.8), potentially carving a path back towards the trend-defining 50-week moving average (8790).

Having said that, the path of least resistance looks to be higher should BTC remain constructively perched above key psychological support, with a weekly close back above the $12,000 level probably needed to signal a resumption of the primary uptrend.

Bitcoin (BTC/USD) Daily Chart – Psychological Support Under Pressure

Bitcoin Price Outlook: Will Support At $10,000 Stifle BTC/USD Sellers?

Bitcoin (BTC/USD) daily chart created using TradingView

Zooming into the daily chart unveils a rather uncertain near-term outlook however, as price carves out a possible Bear Flag pattern atop pivotal psychological support and the ‘faster’ 21-day moving average begins to cross below its ‘slower’ 50-period counterpart.

A daily close below flag support and the midpoint of the 2017 downtrend could validate the bearish continuation pattern, with the implied measured move suggesting that BTC/USD could slice through the sentiment-defining 200-DMA (9087) to test the May low (8101).

That being said, bearish RSI divergence indicates that the 3-week slide from the August high (12490) may be running out steam.

Therefore, a continuation of the primary uptrend looks in the offing if buyers can successfully overcome resistance at the September 4 swing-high (10644).

A daily close above the August low daily close (11053.8) probably generating an impulsive surge to retest the yearly high (12490).

Bitcoin MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% -9% -1%
Weekly -5% 7% -4%
What does it mean for price action?
Get My Guide

-- Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

Building Confidence in Trading
Building Confidence in Trading
Recommended by Daniel Moss
Building Confidence in Trading
Get My Guide

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.